Northern Arc, LGT Impact back $17m funding in agtech startup WayCool

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Chennai based agtech startup WayCool has raised Rs 120 crore (about $17 million) in equity and debt from LGT Impact, prominent angels, and institutional lenders, including Northern Arc Capital and Caspian, per an announcement on Tuesday.

The funds will be used by the Chennai-based startup to further scale up operations across southern and western India, bolster its technology platform and reinforce its supply chain by building or acquiring assets and capabilities in sourcing, value-added products, and automation of distribution lines, it said in a statement.

Set up in July 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool Foods is a food distribution platform leveraging technology to scale up and operate a supply chain. The company claims to operate a full-stack product range across multiple channels and categories like fresh produce, staples and dairy serving over 4,000 clients.

Commenting on the capital raise, WayCool co-founder Sanjay Dasari said, “Along with rapid growth, we have always been committed to profitability, and almost all of our business lines are operationally profitable. We had committed to open and operate 3 locations after our last institutional fund raise – we are currently operating in 13 locations.”

WayCool had last raised $2.7 million from Aspada in 2017. “The company has scaled 20x since the last round of funding with judicious use of capital,” said Aspada managing partner Kartik Srivatsa.

WayCool competes with the likes of CroFarm, Kamatan, NinjaCart, Jumbotail, Lemon Leaf, and Farm Taaza. Recently, Crofarm reportedly secured $500,000 funding from a clutch of investors including former HT Media strategy chief Vinay Mittal, Ramit Sethi from Strongbox Ventures and other HNIs. In December last year, NinjaCart raised $35 million (Rs 250 crore) in a Series B funding round led by Accel Partners (US) and Switzerland-based Syngenta Ventures.

Veda Corporate Advisors acted as the financial advisor to WayCool for the fundraising.

Also Read:

NinjaCart raises $35m Series B funding led by Accel, Syngeta Ventures

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.